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Commodity Futures Trading Commission (CFTC) Chair Michael Selig said on Wednesday that the agency is prepared to oversee the entire digital asset market, even as Congress has yet to pass a market structure bill defining its authority.
In a Wednesday statement about his first 100 days as CFTC chair, Selig <a href="https://www.cftc.gov/PressRoom/SpeechesTestimony/seligstatement040126" rel="noopener noreferrer nofollow">said</a> that the commission was “ready to take responsibility” for the crypto market and reiterated his claim that it was the sole regulator to oversee prediction markets.
His comments come as the US Senate considers the CLARITY Act, a crypto market structure bill that has been effectively stalled in committee amid discussions over stablecoin yield and other issues.
“The same regulatory clarity being delivered to the crypto industry is being developed for prediction markets, which can serve as powerful tools for information discovery and are regulated by the CFTC under the Commodity Exchange Act,” said Selig.<iframe src="https://www.youtube.com/embed/FJrkxmrLUg4?start=" sandbox="allow-scripts allow-same-origin allow-popups allow-forms"></iframe>
Under Selig, who was confirmed by the Senate in December, the CFTC has <a href="https://cointelegraph.com/news/cftc-innovation-task-force-crypto-framework" rel="noopener noreferrer nofollow">adopted many policies</a> signaling that the agency would soften its enforcement and regulation of digital assets compared to previous administrations. In March, the agency <a href="https://cointelegraph.com/news/sec-cftc-sign-memo-regulate-markets-harmony" rel="noopener noreferrer nofollow">announced a memorandum of understanding</a> with the Securities and Exchange Commission (SEC) as part of efforts to coordinate on regulation, including digital assets.
Related: <a href="https://cointelegraph.com/news/kucoin-fined-500k-as-cftc-cases-ends" rel="noopener noreferrer nofollow">Crypto exchange KuCoin agrees to $500K settlement, ending CFTC case</a>
Although early drafts of the market structure bill suggested the legislation could grant the CFTC additional authority to oversee digital assets, the SEC is expected to continue regulating cryptocurrencies it deems securities.
<h2 id="lawmakers-pressing-cftc-on-insider-trading-claims-over-prediction-markets">Lawmakers pressing CFTC on insider trading claims over prediction markets</h2>
US state authorities and federal lawmakers have been targeting prediction market platforms like Kalshi and Polymarket over alleged violations of gaming laws and claims of politicians using insider information to profit.<iframe src="https://www.youtube.com/embed/UY2LtqofHqQ?start=" sandbox="allow-scripts allow-same-origin allow-popups allow-forms"></iframe>
While many state-level actions continue to be litigated in court, Selig has claimed that the CFTC has “exclusive jurisdiction” over prediction markets and has threatened legal action against any challenges to its authority.
In a Tuesday event, CFTC enforcement director David Miller <a href="https://cointelegraph.com/news/cftc-enforcement-chief-warns-insider-traders-on-prediction-markets-will-be-prosecuted" rel="noopener noreferrer nofollow">said that the agency’s position</a> was that event contracts on prediction markets were not “gaming” but rather “swaps” that fall under its purview.
Some lawmakers have also proposed legislation to <a href="https://cointelegraph.com/news/lawmakers-introduce-bill-banning-congress-president-from-prediction-markets" rel="noopener noreferrer nofollow">ban elected officials</a> with insider information from profiting from event contracts following suspicious trades related to military actions involving Iran and Venezuela.
Magazine: <a href="https://cointelegraph-magazine.com/newbies-guide-surviving-crypto-winter/" rel="noopener noreferrer nofollow">A newbie’s guide to surviving crypto winter</a>

CFTC chair says agency is ready to oversee entire crypto market

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